Breaking News
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% Upgrade now

Hong Kong Stock Market Rebounds, Led by Tencent, Anta Sports

Stock Markets Aug 04, 2021 06:52
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Bloomberg. The Two International Finance Center, left, and other buildings in Hong Kong, China, on Wednesday, May, 26, 2021. Hong Kong's unemployment rate fell for a second straight month in April as the city slowly emerges from an extended slump fueled by the pandemic and social unrest. Photographer: Paul Yeung/Bloomberg 2/2
 
HK50
+0.33%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SJMHF
+0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
WYNMF
+0.77%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GXYEF
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
0700
-1.55%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TCEHY
-1.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Bloomberg) -- Hong Kong stocks advanced after technology firms rebounded, led by Tencent (HK:0700) Holdings (OTC:TCEHY) Ltd., as investors continued to weigh growth prospects against regulatory risks.

The Hang Seng Index climbed 1.2% by 10:28 a.m. local time, boosted also by a gain of much as 10% for Anta Sports Products Ltd. Tencent rose as much 4.3%.

The moves come after a volatile couple of weeks for stocks in the financial hub, which were rocked by the shock ban on profit making at tutoring companies that late last month triggered a near $1 trillion global selloff.

“Today we see some technology rally, because some short-term traders might find some opportunities and are betting on technical rebound,” said Steven Leung, UOB Kay Hian executive director. “We are seeing many mainland investors buying Tencent today -- a good sign for the market since they were net sellers.”

Tencent Is Crowding Out Rest of Hong Kong Stocks

On Tuesday, Tencent -- which had been Asia’s largest stock by market value and one of the most heavily weighted in Hong Kong’s benchmark gauge -- dropped 6.1% after a critique by state media of the online gaming industry.

Sportswear stocks contributed the benchmark’s gains Wednesday after Chinese authorities made clear their preference for physical fitness and recreation rather than online gaming.

A Bloomberg gauge tracking Macau’s casino operators fell as much as 5.5%, set for its worst day since September last year, after Macau required Covid-19 test for people departing the city after new cases were identified.

Wynn Macau (OTC:WYNMF) Ltd. fell as much as 9.4%, while SJM Holdings (OTC:SJMHF) Ltd. lost 7.2%. Galaxy Entertainment Group (OTC:GXYEF) Ltd. fell 6.3%.

Chinese investors net bought a combined HK$2 billion worth of Hong Kong stocks via the trading links with Shenzhen and Shanghai on Wednesday, set for the most since July 9, Bloomberg data shows.

©2021 Bloomberg L.P.

Hong Kong Stock Market Rebounds, Led by Tencent, Anta Sports
 

Related Articles

S&P cuts UK rating outlook after tax cut plan
S&P cuts UK rating outlook after tax cut plan By Reuters - Sep 30, 2022 2

By David Milliken LONDON (Reuters) -Ratings agency Standard & Poor's cut the outlook for its AA credit rating for British sovereign debt on Friday to "negative" from "stable" as...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email